2025 年 08 月 17 日 北交所研究团队 中美已暂停关税及反制措施展期，关注北证出海优质标的 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 中美已暂停关税及反制措施如期展期，关注北证出海优质标的 2025 年 7 月 28 日至 29 日，中美经贸会谈在瑞典斯德哥尔摩举行。根据会谈共 识，双方将继续推动已暂停的美方对等关税 24%部分以及中方反制措施如期展期 90 天。现阶段北交所内有较多优质出海标的。其中选出 25 家海外营收业务占比 较大，利润增长情况较好的标的，业务范围涵盖仪器仪表、消费电子、汽车零部 件等多个行业产业链。建邦科技（837242.BJ）致力于汽车后市场非易损零部件 的开发、设计与销售，主要产品包括制动系统、传动系统、电子电气系统、转向 系统、发动系统和汽车其他系统。2025H1 境内业务营业收入达到 2.16 亿元同比 增长 33.67%；境外收入达到 1.59 亿元占比 42.39%。从整体销售情况看，2025H1 电商类客户采购金额约 1.70 亿元，占比为 45.36%，同比增长 18.60%。 北证 ...

Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company has expanded its sales channels and enriched its product categories, resulting in a 65% quarter-on-quarter increase in net profit attributable to the parent company in Q2 2025 [2] - In H1 2025, the company achieved revenue of 375 million yuan, a year-on-year increase of 20.77%, and a net profit of 49 million yuan, up 27.18% year-on-year [2] - The growth in performance is attributed to the company's strategic focus on diversifying product offerings and expanding sales channels amid a complex international economic environment [2][3] Financial Performance - For H1 2025, the company reported a gross profit margin of 29.01%, an increase of 1.19 percentage points year-on-year, and a net profit margin of 13.16%, up 0.65 percentage points year-on-year [2] - The company’s revenue from non-automotive products grew by 183% year-on-year in H1 2025, with significant contributions from household products [3] - The company has shifted towards self-manufacturing high-end automotive electronic products, with a notable increase in cross-border e-commerce orders [4] Revenue and Profit Forecast - The forecast for net profit attributable to the parent company has been raised to 132 million yuan, 160 million yuan, and 191 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18.00, 14.92, and 12.49 [4]